Financial terms weren't disclosed. In a joint statement, the Murdochs called the settlement amicable.

The divorce won't affect control of his companies or the succession plan for them. A source familiar with the settlement said Deng Murdoch, 44, is getting the New York City home on Fifth Avenue, where she will be staying with the two school-age daughters she has with Murdoch, 82, and their Beijing house in the divorce.

"We are pleased to announce that we have reached an amicable settlement of all matters relating to our divorce," they said in a joint statement. "We move forward with mutual respect and a shared interest in the health and happiness of our two daughters. We will not comment on this any further."

It was the third marriage of media mogul Murdoch.

Someone close to the situation said both sides wanted to get the issue resolved after Murdoch filed for divorce in June. With one pre-nuptial agreement and two post-nuptials, the divorce settlement was pretty straightforward, said one source.

According to someone who attended Wednesday's hearing in New York State Supreme Court, the hearing only lasted around 10 minutes and was mostly procedural.